The government has cut basic excise duty on petrol and diesel by Rs 2 per litre, with effect from October 4, 2017, after an outcry over hiked fuel prices despite the low global rate of crude oil. The Opposition, as well as the social media, had been awash with angry sentiments on the fuel price hike, which, along with woes induced by GST and demonetisation, has affected the ordinary Indian on the streets deeply.
There is a need to reduce petrol and diesel prices by Rs 4-5 per litre, the official said. "Rs 65 per litre is an acceptable retail selling price for petrol,’ the official added. Government officials indicate that a price cut of Rs 5 per litre on petrol and diesel is likely."
Today, about 90 percent of vehicular fuel needs are met by oil. Petroleum also makes up 40 percent of total energy consumption in the United States, but is responsible for only 1 percent of electricity generation
The use of petroleum dates back to ancient China more than 2000 years ago. In one of the earliest Chinese writings cites the use of oil in its raw state without refining was first discovered, extracted, and used in China in the first century BCE. In addition, the Chinese were the first to use petroleum as fuel as the early as the fourth century BCE